Indiana § 23-1.3-9-3 Benefit enforcement proceeding

Indiana Statutes

§ 23-1.3-9-3 — Benefit enforcement proceeding

Indiana § 23-1.3-9-3

Title 23BUSINESS AND OTHER ASSOCIATIONS

Art. 1.3BENEFIT CORPORATIONS

Ch. 9Right of Action

This text of Indiana § 23-1.3-9-3 (Benefit enforcement proceeding) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 23-1.3-9-3 (2026).

Text

A benefit enforcement proceeding may be commenced or maintained only:

(1)directly by the benefit corporation; or

(2)derivatively in accordance with IC 23-1-32 by:

(A)a person or group of persons that owned at least two percent (2%) of the total number of shares of a class or series outstanding at the time of the act or omission complained of;

(B)a director;

(C)a person or group of persons that owned at least five percent (5%) of the outstanding equity interests in an entity of which the benefit corporation is a subsidiary at the time of the act or omission complained of; or

(D)other persons as specified in the benefit corporation's articles of incorporation or bylaws.

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A benefit enforcement proceeding may be
commenced or maintained only:
(1) directly by the benefit corporation; or
(2) derivatively in accordance with IC 23-1-32 by:
(A) a person or group of persons that owned at least two percent
(2%) of the total number of shares of a class or series
outstanding at the time of the act or omission complained of;
(B) a director;
(C) a person or group of persons that owned at least five
percent (5%) of the outstanding equity interests in an entity of
which the benefit corporation is a subsidiary at the time of the
act or omission complained of; or
(D) other persons as specified in the benefit corporation's
articles of incorporation or bylaws.